Dunedin City Council-owned electricity contractor Delta has bought 100 sections at the 700-lot Jacks Point development in Queenstown that were earmarked for troubled Hanover Finance.

Jacks Point developer John Darby confirmed that Hanover had not been in a position to settle on the last 100 of 350 sections it had contracted to purchase.

“Before these deals occurred there were 50 built sections in the Highlands area and another 50 larger sections in the N6 and N7 areas that Hanover was due to settle on." Mr Darby said